NIFTY
Nifty spot went up nearly 235 points over last weeks close and finally ended this week with a gain of 151 points over last weeks close
Last week we had mentioned that if Nifty breaks 7642 spot level one can initiate long positions and those who would have initiated the trade would have been rewarded with nearly 230 points. We got a close above 7766 spot on Thursday but gave up all the gains and gave a weekly close at 7762 lower by 4 points creating a doubt on the direction of the next move.
Nifty spot has closed the week at 7761.95 after making a weekly low at 7551.05 , with nearly a 150 points gain over last week's close . We had mentioned to go short below 7579 for the week and Nifty made a low of 7551.05 but could not sustain below it giving the first indication that markets are not ready to go down . Nifty spot completed all targets on the upside for this week as mentioned in our outlook last week and is now poised precariously by closing just below our trend deciding level of 7766 at 7762 .
In the coming week Nifty spot needs to give a close above 7833 to confirm uptrend and then one can expect a move till 7893 initially and a close above 7928 can take us till 8065 . Similarly sustaining or closing below 7690 can make Nifty test lower levels till 7630 initially and a close below 7595 can take us till 7460 .
Nifty Spot Levels for the week are
Long above 7807, Tgt 7833 - 7856 - 7893
IF Nifty spot manages to get a close or sustain above 7909 then ,
long again for 7928 - 7993 - 8065
Short below 7718 , Tgt 7690 - 7668 - 7630
IF Nifty spot manages to get a close or sustain below 7615 then,
short again for 7595 - 7530 - 7460
BANK NIFTY
Bank Nifty gained nearly 320 points this week once it broke and sustained above our weekly long level of 16420 and finally closed this week with a gain of 252 points over last weeks close.
Last week we had mentioned that if Bank Nifty breaks above 16420 spot one can initiate longs and those who would have initiated the trade would have been rewarded with nearly 320 points . Bank Nifty gave a good close of 16742 on Thursday but gave up the gains and gave a weekly close at 16594 . We need bank nifty to break and sustain above 16780 to move up further , till then all the up moves can get sold off .
Bank Nifty spot has closed the week at 16594.30 after making a weekly low at 16188.05 , with nearly a 252 points gain over last week's close .We had mentioned to go short below 16265 spot for the week and Bank Nifty made a low of 16188.05 but could not sustain below it giving the first indication that markets are not ready to move down . Bank Nifty spot completed nearly all targets on the long side for this week as mentioned in our outlook last week and it would be interesting to see it move in sync with nifty this week which was missing last week .
Bank Nifty spot has closed the week at 16594.30 after making a weekly low at 16188.05 , with nearly a 252 points gain over last week's close .We had mentioned to go short below 16265 spot for the week and Bank Nifty made a low of 16188.05 but could not sustain below it giving the first indication that markets are not ready to move down . Bank Nifty spot completed nearly all targets on the long side for this week as mentioned in our outlook last week and it would be interesting to see it move in sync with nifty this week which was missing last week .
In the coming week Bank Nifty spot needs to give a consecutive close above 16765 to confirm uptrend and then one can expect a move till 16905 initially and a close above 16985 can take us till 17300 . Similarly sustaining or closing below 16430 can make Bank Nifty test lower levels till 16285 initially and a close below 16205 can take us till 15880 .
Bank Nifty Spot Levels for the week are
Long above 16700 , Tgt 16765 - 16815 - 16905
IF Bank Nifty spot manages to get a close or sustain above 16940 then
long again for 16985 - 17135 - 17300
Short below 16490 , Tgt 16430 - 16375 - 16285
IF Bank Nifty spot manages to get a close or sustain below 16245 then
short again for 16205 - 16050 - 15880
P.S. Always wait for the highlighted levels to be crossed after taking a long/short position for confirmation of the trade .If it does not cross the highlighted levels then book profit or move SL to cost.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .
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